Dublin, July 16, 2024 (GLOBE NEWSWIRE) -- The "Global Handheld Metal Detector Market - Outlook & Forecast 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The global handheld metal detector market is expected to reach a value of $737.09 million by 2029 from $440.03 million in 2023, growing at a CAGR of 8.98%
The global handheld metal detector market is highly competitive, with various players offering various products and services. A few key players dominate the global handheld metal detector market, including Garrett Metal Detectors, C.E.I.A., Smiths Detection, Westminster Group plc, and others holding a significant market share. These companies have established themselves as leaders in the industry, with a strong reputation for producing high-quality, reliable, and innovative products.
In addition to these major players, numerous smaller companies and startups offer handheld metal detectors. These companies often focus on niche markets or specific customer segments, such as security professionals or industrial users. They may differentiate themselves by offering specialized features, customization options, or lower prices. For instance, True Sense Technologies offers customization options to consumers by catering to specific user needs, enhancing user experience, and improving product performance. This allows users to tailor the detector to their preferences, making it more versatile and appealing to a wider range of customers.
North America dominated the global handheld metal detector market share, accounting for a global share of over 30% in 2023. The demand for handheld metal detectors is rising in North America, particularly in museums and government buildings. The U.S., in particular, has seen a significant increase in demand, accounting for the highest share of revenue worldwide in 2023. This surge in demand can be attributed to the presence of various manufacturers and shopping centers. Furthermore, investment in airport infrastructure often leads to implementing more stringent security measures, including handheld metal detectors.
Europe's handheld metal detector market is driven by rising tourism, border security concerns, and increased crime rates. Germany and France, in particular, have seen high revenue in 2023, largely due to their use in schools and sporting events. In the APAC, rapid economic growth and rising crime rates, including theft and violent acts, have contributed to the growing demand for handheld metal detectors.
In Latin America, the growth of the handheld metal detector industry is driven by tourism destinations and infrastructure development. Finally, geopolitical instability and the need for security at private events in the Middle East and Africa have increased demand for handheld metal detectors.
MARKET TRENDS & OPPORTUNITIES
Compact Handheld Metal Detectors
The major driver behind the rise of compact handheld metal detectors is the increasing emphasis on security in public spaces such as airports, schools, stadiums, and public events. With concerns about terrorism, mass shootings, and other threats, there's a growing demand for tools that can quickly and efficiently detect concealed weapons or dangerous objects.
Compact handheld metal detectors provide a convenient solution for security personnel to conduct routine screenings of individuals entering these spaces, helping to deter potential threats and enhance overall safety. For instance, Siddhi Equipments offers HHMD for Office Use S-16, with features such as compact and lightweight design, ergonomic grip, rapid detection, etc. The company gains a competitive advantage by increasing its consumer base in the handheld metal detector market.
Increasing Usage of Metal Detectors in Education Institutions
School metal detectors offer immediate threat detection, a crucial advantage for maintaining safety throughout the academic year. They provide instant results, unlike other methods that may delay detection until a threat is already inside the campus. Metal detectors come in various forms, such as handheld wands for targeted searches, making them versatile for schools of all sizes.
Security officers and school officials rely on these devices to prevent incidents before they occur. In addition, their presence can act as a deterrent, reinforcing the perception of safety among students, parents, and staff. Metal detectors can be seamlessly integrated into security protocols, enhancing other measures like security guards to create various safety approaches.
INDUSTRY RESTRAINTS
Alternatives of Handheld Metal Detectors
The alternative is a significant challenge for the handheld metal detector market. This threat arises from the availability of alternative technologies and methods that can perform similar functions to handheld metal detectors. These substitutes can offer similar or even better performance, lower costs, or other advantages that make them attractive to consumers. As a result, the presence of substitutes can limit the demand for handheld metal detectors and put pressure on prices and profitability.
SEGMENTATION INSIGHTS
INSIGHTS BY TYPE
In 2023, the battery handheld metal detectors segment dominated the global handheld metal detector market in revenue share and witnessed the highest CAGR during the forecast period. The surge in demand for these detectors can be attributed to their widespread use in public events and various applications, indicating a growing need for security measures across different sectors.
Also, the battery detectors are compact and lightweight, making them easy to carry and use in various settings. They can be used in crowded areas, narrow spaces, and even outdoors without a power outlet. In addition, the demand for USB handheld metal detectors has increased due to technological advancements and customization.
INSIGHTS BY APPLICATION
The global handheld metal detector market by application is segmented as transportation, law enforcement, public events, and others. In 2023, the transportation sector emerged as the leading revenue generator, capturing over 38% of the market share. This growth was largely fueled by substantial government investments in developing bus terminals and vessels to enhance public transportation infrastructure.
In addition, the law enforcement segment experienced a surge in demand for handheld metal detectors, primarily driven by increased investigations at crime scenes, prisons, and airport police operations. The public events sector also saw significant growth, with factors such as upcoming sports events and conferences contributing to its expansion.
The rising concern for safety and security is the increased demand for handheld metal detectors at public events. There have been several high-profile incidents of violence and terrorism at public gatherings, which has heightened the need for stricter security protocols. Handheld metal detectors provide a quick and effective way to screen individuals for concealed weapons or other dangerous items, helping to deter potential threats and ensure the safety of everyone in attendance. Furthermore, other segments, including hospitals and educational institutions, played a crucial role in driving market growth, reflecting diverse applications for security and detection technologies.
INSIGHTS BY END-USER
The global handheld metal detector market by end-users is segmented into government, security service providers, and others. The government segment accounted for the highest revenue in the end-user segment. This growth was fueled by various demand factors, including the need for aviation security, the expansion of metro systems, the development of housing colonies for government staff, and other related requirements.
Furthermore, the security service provider segment exhibited the highest CAGR during the forecast period due to urbanization and a growing economy. Handheld metal detectors offer a portable and effective solution for detecting concealed weapons or dangerous objects, making them essential for security personnel, event organizers, and even private citizens. Also, the other segments saw increased demand for handheld metal detectors due to the rising construction of hotels and increased school shooting cases.
KEY QUESTIONS ANSWERED
- How big is the handheld metal detector market?
- What is the growth rate of the global handheld metal detector market?
- Who are the key players in the global handheld metal detector market?
- Which region dominates the global handheld metal detector market share?
- What are the significant trends in the handheld metal detector industry?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 266 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $440.03 Million |
| Forecasted Market Value (USD) by 2029 | $737.09 Million |
| Compound Annual Growth Rate | 8.9% |
| Regions Covered | Global |
INDUSTRY OVERVIEW
Market Dynamics
- Batteries and Their Lifespan
- Key Demand Drivers
- Future of Handheld Metal Detectors
- SWOT Analysis
- Government Investments in Various Sectors
- Post COVID-19 Impact on Handheld Metal Detector Market
Market Opportunities & Trends
- Development of Lightweight and Portable Handheld Metal Detectors
- Increase in Demand for Foldable Metal Detectors
- Compact Handheld Metal Detectors
Market Growth Enablers
- Integration of Advanced Technologies in Products
- Expansion of Security-based Infrastructure
- Increase in Usage of Metal Detectors in Educational Institutions
Market Restraints
- High Costs of Products
- Stringent Government Regulations
- Alternatives to Handheld Metal Detectors
COMPETITIVE LANDSCAPE
Key Company Profiles
- Garrett Metal Detectors
- NUCTECH COMPANY
- Westminster Group Plc
Other Prominent Vendors
- Autoclear
- Astrophysics
- Adams Electronics
- eSSL Security
- FYCCA INTERNATIONAL
- Godrej & Boyce Mfg. Co. Ltd.
- Hissco International
- Magtech Group
- Metscan Security Systems
- Motwane Manufacturing
- Navkar Systems
- Nokta Metal Detectors
- Ranger Security
- Rehoo Industrial Limited
- Robustt
- Rapiscan Systems
- S. P. Engineering Works
- Siddhi Equipments
- Smiths Detection
- The Tamis Corporation
- True Sense Technologies
- THINKBOTIC TECHNOLOGY PRIVATE LIMITED
- TAHERI ENTERPRISES
- Ultra-Tech Security Solutions
- Vallon
- View Systems
- Vantage Security
- ZKTeco
For more information about this report visit https://www.researchandmarkets.com/r/lc8r0w
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